{"id":5759,"date":"2015-03-30T00:00:00","date_gmt":"2015-03-30T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2015\/03\/finra_fines_jp_turner_lasalle"},"modified":"2022-05-06T12:19:08","modified_gmt":"2022-05-06T17:19:08","slug":"finra-fines-jp-turner-lasalle","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/finra-fines-jp-turner-lasalle\/","title":{"rendered":"FINRA Fines J.P. Turner, LaSalle St. Securities, and H. Beck For Report Supervision Lapses"},"content":{"rendered":"\n

The Financial Industry Regulatory Authority Inc. is fining J.P. Turner & Co., LaSalle St. Securities, and H. Beck Inc. $100K, $175K, and $425K, respectively, for lapses in supervising reports sent to clients. The reports provided asset summaries, and the self-regulatory organization is concerned that they had the potential to hide fraudulent activities. <\/p>\n

A consolidated report typically contains information regarding most if not all of a customer\u2019s financial holdings, wherever they are held. FINRA requires that these reports are accurate and clear. Failure to supervise these documents can cause regulatory issues, such as the possibility of inaccurate communication, data that is misleading or confusing, supervisory control lapses, and the use of consolidated reports for unethical or fraudulent reasons. The SRO\u2019s regulatory notice 10-19 states that if a firm cannot properly supervise these reports then it should not distribute them and must make sure that registered representatives abide by this restriction.<\/p>\n

During routine exams, FINRA found that representatives from the three firms prepared and issued consolidated reports to customers even if the documents hadn\u2019t been properly reviewed beforehand. LaSalle St Securities, which had written procedures pertaining to consolidated reports, failed to enforce these and did not properly trained representatives on how to use the reports. The disciplinary action against the broke-dealers was related to private placement-involved matters. <\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

The Financial Industry Regulatory Authority Inc. is fining J.P. Turner & Co., LaSalle St. Securities, and H. Beck Inc. $100K, $175K, and $425K, respectively, for lapses in supervising reports sent to clients. The reports provided asset summaries, and the self-regulatory organization is concerned that they had the potential to hide fraudulent activities. A consolidated report […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3752,3739,3880],"tags":[],"class_list":["post-5759","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-finra","category-jp-turner-co"],"yoast_head":"\nFINRA Fines J.P. Turner, LaSalle St. Securities, and H. 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